Falling commercial rents have made retail space in the UAE among the most affordable in the world, according to a report released yesterday.
Abu Dhabi ranked 57th on Cushman & Wakefield's comparison of costliest retail locations by country, down from 42nd last year.
The property consultancy showed Abu Dhabi passing Dubai as the most expensive market in the UAE, with rents at Abu Dhabi Mall listed at Dh2,657 (US$723.35) a square metre per year. Rents in Mall of Emirates, Dubai's most expensive retail space, fell 13.8 per cent in the year to June, to Dh2,647 a sq metre a year, according to Cushman & Wakefied's data.
Affordability will help attract more retailers, said Hannah Jeffery, an associate with Cushman & Wakefield in the UAE. "When looking to open up in the Middle East, Dubai is still seen as the place to open the front door," Ms Jeffery said.
New York's Fifth Avenue still has the world's priciest retail space, with annual rents at Dh87,500 a sq metre, a 21.6 per cent jump from a year earlier. The second most expensive area remains Hong Kong's Causeway Bay, followed by Tokyo's Ginza district, where rents are Dh40,600 a sq metre a year.
Sydney's Pitt Street Mall moved from ninth to fourth on the list, thanks to new shops that pushed rents up 33 per cent.
Paris's Avenue des Champs-Elysees moved into the fifth spot, replacing London's Bond Street as the most expensive shopping district in Europe. Rents on the famous Paris street rose 5.3 per cent in the past year to Dh38,500 a sq metre.
But it is not necessarily fair to compare those exclusive shopping streets to the malls in the UAE, Ms Jeffery said. "High streets are always more expensive than shopping malls," she said.
Overall rents fell 3 per cent in the UAE, largely because of an increase in supply. "As supply increases, developers have to get more competitive," Ms Jeffery said. Abu Dhabi retail rates fell 1.8 per cent in the year. But several new malls scheduled to open in the next year should "improve the quality of retail offering and attract international retailers", the report concluded. The new malls will also put pressure on the capital's retail rental rates, which may again fall below Dubai's, where there are no new malls under development.
"There is a large volume of supply coming on the market [in Abu Dhabi]," Ms Jeffery said. "So we potentially see that [relation to Dubai rates] shifting."
The Middle East and Africa was the only region not to show rental growth in the past year, with overall rents unchanged. The numbers were brought down by declines in countries dealing with political unrest, with rents falling 26.7 per cent in Bahrain and 16.7 per cent in Syria.
[ kbrass@thenational.ae ]
Honeymoonish
Director: Elie El Samaan
Starring: Nour Al Ghandour, Mahmoud Boushahri
Rating: 3/5
COMPANY PROFILE
Name: Qureos
Based: UAE
Launch year: 2021
Number of employees: 33
Sector: Software and technology
Funding: $3 million
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
STAGE 1 RESULTS
1) Tim Merlier (Soudal-Quick-Step), 3h 17’ 35”
2) Caleb Ewan (Lotto Dstny) same time
3) Mark Cavendish (Astana Qazaqstan Team) same time
General Classification:
1) Tim Merlier (Soudal Quick-Step) 3:17:25
2 - Caleb Ewan (Lotto Dstny) +4"
3 - Luke Plapp (Ineos Grenadiers) +5"
Killing of Qassem Suleimani
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
SPEC SHEET
Processor: Apple M2, 8-core CPU, up to 10-core CPU, 16-core Neural Engine
Display: 13.6-inch Liquid Retina, 2560 x 1664, 224ppi, 500 nits, True Tone, wide colour
Memory: 8/16/24GB
Storage: 256/512GB / 1/2TB
I/O: Thunderbolt 3 (2), 3.5mm audio, Touch ID
Connectivity: Wi-Fi 6, Bluetooth 5.0
Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging
Camera: 1080p FaceTime HD
Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10
Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)
Colours: Silver, space grey, starlight, midnight
In the box: MacBook Air, 30W or 35W dual-port power adapter, USB-C-to-MagSafe cable
Price: From Dh4,999
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Three ways to boost your credit score
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The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
The Roundup : No Way Out
Director: Lee Sang-yong
Stars: Don Lee, Lee Jun-hyuk, Munetaka Aoki
Rating: 3/5
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
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Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Points Classification after Stage 1
1. Geraint Thomas (Britain / Team Sky) 20
2. Stefan Kueng (Switzerland / BMC Racing) 17
3. Vasil Kiryienka (Belarus / Team Sky) 15
4. Tony Martin (Germany / Katusha) 13
5. Matteo Trentin (Italy / Quick-Step) 11
6. Chris Froome (Britain / Team Sky) 10
7. Jos van Emden (Netherlands / LottoNL) 9
8. Michal Kwiatkowski (Poland / Team Sky) 8
9. Marcel Kittel (Germany / Quick-Step) 7
10. Edvald Boasson Hagen (Norway / Dimension Data) 6
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
UAE currency: the story behind the money in your pockets